1. THE PRODUCTION PROCESS
products
That can be purchased
Offered on the marketplace
A business develops products /output
Inputs
Land
Machinery
Raw materials
labour
Transformation process
outputs
Finished goods
services
services
intangible
a benefit / assistance
goods
tangible
durable /non durable
examples
shelf life
Factory
Machinery
Workers
Design
Money
Pruductive efficiency: using the minimum number of inputs to produce the maximum number of outputs
The ratio reduces costs prices
Goal of the
production process
provide products and services
At competitive prices
meet needs and wants
at competitive prices
in the shortest time

2. THE PRODUCTION PROCESS
products
That can be __________
Offered on the marketplace
A business develops products /o______
Inputs
Land
Machinery
Raw materials
labour
T_____________ process
outputs
Finished goods
services
services
in______
a benefit / assistance
goods
ta_______
_________/non __________
examples
shelf life
Factory
Machinery
Workers
Design
Money
Pruductive efficiency: _______________________________________
The ratio reduces costs prices
Goal of the
production process
provide ________________
At competitive prices
meet _______________
at __________prices
in the _________time

3. NEEDS AND WANTS Necessary for surviving Not essential for surviving
Basic needs:
Food
Shelter
Protection from
heat, cold, disease
Are important
for improvements
Are infinite
Vary according to a person’s
Geoographical location
Age
Job
health
Some are seen as needs
in modern life,
e.g. mobiles, cars,
computers

4. NEEDS AND WANTS Necessary for _______ Not essential for ________
Basic needs:
F_______
S________
Protection from
______________
Are important
for im_________
Are in______
Vary according to a person’s
G __________________
A _______
J _______
H _________
Some are seen as needs
in modern life,
e.g. ___________________

5. FACTORS OF PRODUCTION land Production site Natural resources labour
Human input
Human capital: workers with competences and skills
A well-managed company has a well-managed human capital
capital
Material wealth
Production capital: machinery, heavy equipment, the buildings (factory, warehouse…)
Resource capital: natural resources and the pysical space occupied
Intellectual capital: creativity, experience, entrepreneurial spirit, know-how / patents / trademarks
enterprise
Entrepreneurs set up ventures risking resources
Entrepreneurs control the other three factors of production

6. FACTORS OF PRODUCTION land _____________________ labour
Human in____________
Human c______________: workers with competences and skills
A well-managed company has a well-managed human capital
capital
Material ______________ (as_______)
Production capital: ____________________________________________
Resource capital: _______________________________
Intellectual capital: _________________________________________
enterprise
Entrepreneurs set up v_______________ risking resources
Entrepreneurs __________________ the other three ____________________

7. MARKETING AND ADVERTISING
WAREHOUSING
Raw materials or manufactured goods are stored in warehouses until they are exported or distributed
TRANSPORT
Goods need to be transported to the consumer.
Modes of transport are: road, rail, sea or air
LOGISTICS
Logistics departments manage the flow of goods, energy and personnel
COMMERCE
Insurance companies finacially cover risks for losses or damage
Refers to the activities and procedures involved in buying and selling things
DISTRIBUTION
Supplying goods, either directly (to the customer) or indirectly (through middle-men such as wholesalers, brokers, retailers
BANKING
Banks hold money and offer loans and credit lines to businesses
MARKETING AND ADVERTISING
Raising consumer interest and awareness of a product or service
There are different ways: print, broadcast, digital media
BRANCHES OF COMMERCE
INSURANCE

8. MARKETING AND ADVERTISING
WAREHOUSING
Raw materials or manufactured goods are s________ in w_______ until they are exported or distributed
TRANSPORT
Goods need to be transported to the consumer.
Modes of transport are: _______________________________
LOGISTICS
Logistics departments manage the f_________ of g__________, e__________ and p___________
COMMERCE
Insurance companies finacially cover risks for __________________________
Refers to the activities and procedures involved in buying and selling things
DISTRIBUTION
Supplying _______________, either directly (to the __________) or indirectly (through m__________ such as _____________________________ )
BANKING
Banks hold money and offer l_____________ and c______________ to businesses
MARKETING AND ADVERTISING
Raising consumer interest and a________________ of a product or service
There are different ways: ________________________
BRANCHES OF COMMERCE
INSURANCE